Best 2-Year Registered GIC Rates

Rates subject to change, updated: May 25, 2019 12:23 AM

If you want to invest in a registered savings deposit, but don’t know where to start, you may want to consider one of the many registered GICs that exist today. We shop all financial institutions, so you can compare all the best registered GICs in Canada. Find the registered GIC product that best serves your needs and we’ll help you open it.

Did you know that rates differ significantly between financial institutions, and within the various channels / methods where you purchase? Browse our Education Centre to learn about the GICs that best suit your saving needs.

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What is a registered guaranteed investment certificate?

First, remember that a guaranteed investment certificate (GIC) is a financial tool that lets Canadians save money, and guarantee both the return of the principal + a set amount of interest. Registered savings deposits are savings plans created by the federal government that help Canadians save for specific goals (retirement and future living costs being the two biggest goals). All of these plans come with their own specified contribution limit per year, which you cannot go over, and have a number of other unique features that you can’t get with a typical savings account. You’re able to hold a number of investments within these registered savings plans, including mutual funds, stocks, bonds and GICs. So a registered GIC is simply a GIC in which your contributions count towards your annual contribution limit for that particular registered savings deposit.

What types of registered GICs exist?

There are four different types of registered GICs that you can purchase. The most popular registered savings deposit is probably the RRSP GIC, which you would use to save for retirement. When you reach age 71, you have to move your funds out of RRSPs, and could choose to put them in an RIF GIC. You can also save for your child’s education with an RESP GIC. And finally, you could invest in an RDSP GIC if you want to save for the long-term financial security of someone who is eligible for the disability tax credit. Remember that each of these savings plans comes with unique features and set contribution limits, so you want to be careful not to go over your limit, before opening a registered GIC.